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Three Fed banks renewed call for discount rate hike: minutes
Three Federal Reserve regional banks in October renewed their efforts to convince the central bank's Washington-based board to raise the Fed's emergency lending rate, according to meeting minutes released on Tuesday. Ahead of the central bank's Oct. 28-29 policy meeting, directors of the Dallas, Kansas City and Philadelphia Fed banks requested that the discount rate be lifted to 1 percent from 0.75 percent, the minutes of Fed board meetings said. The three regional banks want to begin to normalize the spread between the discount rate governing Fed lending to banks and the overnight federal funds rate, which is the ... (full story)